{"id":27441,"date":"2025-11-28T09:52:18","date_gmt":"2025-11-28T07:52:18","guid":{"rendered":"https:\/\/investors.bittnet.ro\/?page_id=27441"},"modified":"2025-11-28T12:07:17","modified_gmt":"2025-11-28T10:07:17","slug":"q3-2025","status":"publish","type":"page","link":"https:\/\/investors.bittnet.ro\/en\/current-and-historical-financial-results\/q3-2025\/","title":{"rendered":"(EN) 2025 Q3 BNET Report 2025 – Letter from the CEO"},"content":{"rendered":"
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We are making the Bittnet Group Quarterly Financial Results \u2013 BNET Q3 2025<\/strong> available to investors as a web page that is easy to follow and navigate. We are waiting for everyone’s feedback at the e-mail address investors@bittnet.ro<\/a><\/strong>. Thank you!<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Letter from the CEO<\/h1>\n<\/div><\/div>
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First 9 months of 2025, Bittnet group achieved consolidated revenues of 173.7 million ron, down -41.9% compared to the same period last year. With the reduction in revenues, the gross margin dropped to 34 million ron (-31% vs Q3 2024), and the consolidated EBITDA recorded a negative value: -7.4 million ron. At 9 months, the operating loss is -11 million ron, while one-off items also contributed negatively with -4 million ron. These results are strongly influenced by the postponement and delays of projects in the Digital Infrastructure pillar (Dendrio), while the Education pillar and the Digital Platforms pillar recorded positive developments.<\/p>\n

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The non-operating (financial) result is a loss of -5.67 million ron, which includes the mark-to-market adjustment of Bittnet’s holding in Softbinator related to Q3. In this context, the consolidated gross result at group level, at 9 months 2025, is negative: -21 million ron.<\/h4>\n

At the time of publishing this report, we are one month away from the end of a year that has put pressure on the entire IT industry. 2025 has been one of the most difficult years for Bittnet recent history. The most honest way to describe the context is that the market has been moving slowly: projects postponed, decisions delayed, budgets blocked for long periods. The good news is that these delays have not become cancellations, starting in mid-August we are already seeing a gradual return to demand and a reset of investment plans from customers.<\/p>\n

In parallel with this difficult context, our business lines continued to build, laying the foundation for a more stable 2026 year.<\/p>\n

The Education Pillar expanded its portfolio in Cybersecurity, DevOps and Project Management, signed strategic partnerships with APMG and ServiceNow and generated a solid pipeline extending into 2026. Elian maintained a healthy growth rate (+23% YoY), exceeded 800 Business Central SaaS subscription users licensed and is running large projects that will move to the support area next year, generating higher recurring revenues than in the same period. Nenos accelerated the product-first direction, with increased interest in Kontext, reinforced by the AWS certifications obtained and the solid projects in the area of Agentic AI, custom made. Also in Q3, we obtained the AWS competency in GenAI Services, at the level of the Nenos company, the first of its kind in Romania.<\/p>\n

All of these initiatives \u2014 started, won, or developed in 2025 \u2014 will continue in 2026, where an important part of the projects started this year will produce their effects.<\/p>\n

Also in the third quarter, we were announced that we had won two important projects in the government sector:<\/p>\n